High Court Judge Anessie Banda-Bobo has dismissed Vedanta Resources Holdings Limited’s application to stay the winding-up proceedings against Konkola Copper Mines (KCM) and refer parties to arbitration.
Justice Banda-Bobo has ruled that the matter is not a proper case to refer the parties to arbitration.
This is the matter in which ZCCM Investments Holdings PLC is seeking an order to have Konkola Copper Mines (KCM) liquidated.
Last month, Vedanta Resources Holdings, the majority shareholder of KCM, had applied for an order to stay proceedings and refer the parties to arbitration pursuant to section 10 of the Arbitration Act.
Justice Banda-Bobo reserved her ruling after some deliberations which lasted hours.
And when the matter came up today, the judge dismissed the application, giving motion to the continuation of the winding up process of Konkola Copper Mines which is currently under the leadership of provisional liquidator Milingo Lungu.
5 Responses
Yes yes yes yes yes
This sounds strange and likely to disadvantage Zambia’s economy and obviously put our investor confidence at stake. We need a judiciary that is truly an independent arm of government and advise the Executive correctly. This issue is costly to the Zambians. Current leadership in not likely to be there after 2021 and kcm burden will be left on Zambians shoulders.
Mn
We thank God. What Vedanta is doing is what we call “The last kicks of a dying horse.”
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So can we get legal comments and advise from legal pundits plse.